Which of the following is an incorrect statement regarding the creation of an agency relationship?
A) Agency relationships can be created by informal oral agreements.
B) Agency relationships can be created by formal written contracts.
C) Under the statute of frauds, some states require that all agency contracts be in writing.
D) An agency agreement must be filed with the secretary of state in the state where the agreement is executed.
D
You might also like to view...
At December 31, 2015, the accounting records of Farmer Corporation contain the following: Accounts payable $ 16,000 Accounts receivable $ 40,000 Land 240,000 Cash ? Capital stock ? Equipment 120,000 Building 180,000 Notes payable 190,000 Retained earnings 160,000 If Cash is $26,000, what is the December 31, 2015 capital stock balance?
a. $272,000 b. $240,000 c. $220,000 d. $400,000
Under which circumstance would one less closing entry than usual be made?
A) When a net loss has been suffered B) When dividends are equal to net income for the period C) When net income is zero D) When the Retained Earnings account is zero prior to posting of closing entries
Answer the following statements true (T) or false (F)
The time period idea is somewhat artificial because it creates definite segments out of what is a continuing process.
Bill could not ____ laughing when he heard his coworker discuss her attempts to potty train her son
A) help from B) help